It's a gold rush. We can't sit around and wring our hands over this. Mobile/social are cheap and easy to get into and as long as Facebook is buying them for a billion dollars, it's going to give better ROI than more "important" ideas.

Now I'm pretty sure this will all wash out over the coming years as Facebook works harder to monetize and the true value of this stuff becomes better understood. The bottom line is that a lot more people will pay a lot more money to live longer than they will to send instagrams. But in the meantime you can't blame VCs for irrational exuberance when year-old, twenty-employee companies are selling for a fucking billion dollars.